4.9 • 2.3K Ratings
🗓️ 24 October 2019
⏱️ 42 minutes
🧾️ Download transcript
Setting financial boundaries with your parents is challenging. These are the people that took care of you for the first 18 years of your life. But that doesn't mean that you are indebted to them for the rest of their lives, to provide for them regardless of their financial choices. A listener asks about helping her parents financially who have already declared bankruptcy once and are in debt again. Most people that have debt problems don't actually change their behavior. They didn't get into debt because they can't do math. It's not a math problem, it's a behavioral problem. They can't live within their means. They don't know how to manage money and that is why they are back in debt. I can understand why you would want to help them, but what you need to keep in mind is how you help them because you can certainly make things worse. We talk about how to help people financially in a way that helps them be successful and keeps your finances safe in this episode. It is possible to do with set rules and clear boundaries. See the show notes at https://www.whitecoatinvestor.com/classic-blog/
We also answer other listener questions in this episode including how long you should hold a bond fund, what an admirable nest egg for 5 years out of residency is, whether you should diversify out of fear for devaluing US Dollar, and putting together a contingency document for your spouse in case of your sudden death.
Sponsor
The Principals at DI4MDS https://www.di4mds.com/have collectively been advising physicians, business executives and other professionals for over 40 years, utilizing knowledge and resources to take care of their life & disability insurance needs. Experience and relationships enable them to secure specialty specific disability and practice overhead insurance policies for residents, fellows and practicing physicians with special discounts and favorable underwriting. They have established numerous guaranteed approved disability plans for residents and fellows and high earning specialists with disability benefits up to $250,000/mo. Their expertise extends to military physicians and are honored to assist those who serve our country. They have guided physicians through the claim process enabling them to collect over $1M in benefits in 2019. They can be reached at [email protected] or 888-934-4637.
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0:00.0 | This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street. |
0:06.0 | We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. |
0:12.0 | Here's your host, Dr. Jim Dolly. |
0:18.0 | Welcome to White Code Investor Podcast number 129, Setting Boundaries. |
0:22.0 | Well, we're over here in our new recording studio. When I say recording studio, I mean the corner of my bedroom. |
0:28.0 | We have embarked on a massive renovation of our home, and we no longer have the White Code Investor studio, also known as the guest room that we had in my house. |
0:38.0 | We're now renting a house in the same neighborhood, just down the street, so the kids can stay in the same neighborhood and in the same church and schools and carpools, etc. |
0:48.0 | But we are out of our house while it's being renovated for the next six to seven months, so we're going to be recording here. |
0:54.0 | We think we've got the sound quality good, and we hope that this turns into a good experience for all involved and doesn't affect the podcast at all. |
1:02.0 | But if you notice some changes, perhaps that is why. At least those of you who watch this on YouTube will notice a new background if nothing else. |
1:09.0 | But we've got some great podcasts coming up, and we're excited about them. Let's get into this one. |
1:15.0 | Our sponsors today are DI4MDs, Disability Insurance for MDs. The principles at DI4MDs have collectively been advising physicians, business executives, and other professionals for over 40 years, utilizing knowledge and resources to take care of their life and disability insurance needs. |
1:32.0 | Experiences and relationships enable them to secure, especially specific disability and practice overhead insurance policies for residents, fellows and practicing physicians, the special discounts, and favorable underwriting. |
1:43.0 | They've established numerous guaranteed approved disability plans for residents and fellows and hiring specialists with disability benefits up to $250,000 per month. |
1:52.0 | Their expertise extends to military physicians, and they are honored to assist those who serve our country. |
1:57.0 | They've got your physicians through the claims process enabling them to collect over $1 million in benefits in 2019. They can be reached at info at DI4MDs.com. |
2:08.0 | Thanks for what you do. Dr.ine isn't easy. It's interesting that I was just reading an article by Pamela Wibble, who was kind of taken up a crusade the last few years to kind of prevent and help doctors who were depressed and suicidal and burned out the last few years. |
2:31.0 | She actually referred to the working conditions of physicians as a human rights violation. I think that's probably a little bit hyperbolic, but the truth is that there are definitely some problems with the system that need to be changed, and it's not always an easy thing to do or an easy profession to work in, particularly through the training pipeline that often lasts a decade or more for docs. |
2:55.0 | Thank you for going through that. Make sure you're signed up for the Whitecode Investor emails. You can find those at whitecodeinvestor.com slash free-monthly-newsletter. We have all kinds of great options. We have a new email system now, and it is helping us to get the emails that you want into your inbox and keep all the other ones out. |
3:13.0 | You can customize it exactly how you like. If you just want to digest each week of the posts that have been published, you can get that. You just want the monthly newsletter. You can get that, which by the way is fantastic. If you've never taken it before, please sign up for that. Take a look at it, see what you like. You can cancel anytime. |
3:30.0 | When you do sign up, you also get the totally free email course financial bootcamp. You get 12 emails once a week that tells you exactly what you need to do to get up to speed with the other Whitecode investors. |
3:43.0 | So you can sign up for that at whitecodeinvestor.com slash free-monthly-newsletter. You can even get all the blog posts and these podcast notes in your e-bomb box if you would like. |
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